After reading these comments Im thinking I have a solid grasp on the pricing situation.
My concern lies in the scalability for smaller businesses and non profits. Is there, or could there be a possibility to have a non subscription option/ ala carte option for businesses, and non profits who have MAYBE a handful of contractors a year??
This next question may also solve the first. If a contractor is listed as a vendor, do they count towards your employee count for the month?? Or do you need to remove them and re add them every time you hire them for a gig?
Unfortunately Wave does not offer an a la carte option for Wave payroll at this time.
I do understand how useful this would be for those running payroll irregularly and I appreciate you bringing this to the attention of the community forum.
Once you create your 1099 vendor/contractor, you won't need to re-add them as they're not a part of your employee count. In fact, if you don't run a payroll for your contractor, you won't be charged the individual contractor fees, just the payroll subscription fees. Whereas if you have active employees, you'll receive the monthly employee charge regardless of whether you run a payroll with the employee or not.
Hi what if i would like to do my own t4's and monthly CRA remittances? In Canada...I normally do all this myself because I like to be involved with payroll remittances and I like to make sure that all areas are paid, i.e. CPP, EI and TAXES
Hi @jchazo , although we don't send you an invoice, you can access your invoice/receipt under Settings > Billing in Wave.
Hey @BMC_Interiors , you are more than welcome to submit these on your own. After you've set up your Payroll, please reach out to us over live chat so we can disable the automatic payments that we make to the CRA so that you are able to do them your self. We do however generate T4s, although we don't file them so you can choose to use the ones we generate or not when filing your taxes.
SO I HAVE A Q:
IF I'M THE OWNER AND ONLY EMPLOYEE AT THIS TIME THE FEE WOULD BE $26.00 CORECT
AND UNLESS I MISS READ YOU WILL NOT SUBTRACT THE REQUIRED STATE FEES AND SUCH DUE TO WHERE I DO'T RESIDE IN ANY OF THE STATES WHERE YOU TAKE CARE OF THE TAXS AND FILE FOR THEM..
Hey @CBennett , you can turn your employees from active to inactive based on whether or not you're paying them. It is however possible for you to have an active employee who you're not paying for a month, and you'd still be charged as they are active in the monthly period. This is why we encourage you to off-board any of your employees if you're no longer paying them.
Hi @J_M_MAINTENANCE , that's correct, if you're located in one of our self-service states then the cost is $26 a month for just you as an employee.
What about when we have employees in 7 states, some of which are automated states and others that are not? Do we only pay for the state where our HQ is located?
I HAVE A QUESTION:
IF I PAY A ELECTRICIAN FOR ON BEHALF OF A CUSTOMER WHERE THEY ARE UNABLE TO BE PRESENT AT TIME OF SERVICE AND GOT REIMBURSED WHEN THEY GOT HOME HOW WOULD I TRACK THAT EXPENSE OR WOULD IT JUST BE A WASH WHERE THE ELECTRICIANS BILL IS MADE TO THE CUSTOMER NOT ME ? I'M JUST TRING TO KEEP ACCURATE RECORDS..
That's a great question and you are correct. Your payroll subscription fee will be determined based on the location of your business, not your employees. Anytime you enter information for an employee who lives out of state, Wave will ask you for tax information from that state. However, you only have to pay taxes to that state if work is completed in the state (i.e. the employee works from home).
In this case, what you can do is record the bill in your Wave account under Purchases > Bills and mark it as paid. Then, if you have an Income transaction within Wave, you can select the Refund Received for a Bill in Wave option to correctly record a refund for the bill in question. Below is a screenshot for reference:
However, to ensure you get the best advice, I suggest reaching out to a professional CPA to make sure your books are accurate.
I have one account with three businesses attached. To use the 1099 services for TN, do I pay $35/mo per wave account or per business in my wave account?
Great question. Wave Payroll subscriptions are on a per business bases as each business is unique. If you have multiple businesses in Wave and you'd like to use the Payroll feature for all of them, you will need to subscribe to the service for each one.
When would the 'automated tax payments and filings' be available in West Virginia and Ohio? I love Wave accounting and would like to show some of that love by signing up for payroll, but the 'self service' does not really suit me well. I am forced to use Gusto which is not bad either, but I would rather use Wave.
When it comes to paying yourself in Wave, there are two methods to do so:
You can record a personal Owner Investment/Drawing expense transaction. Owner Investment/Drawing is a category used to keep track of the money you pay into and take out of your business. With this method, Wave won't generate payroll tax forms for you however.
With our Payroll feature, you can add yourself as an employee and assign yourself a salary/hourly pay rate. If you don't have a fixed pay rate, you are able to change your compensation rate via your employee file. Please note, we recommend setting an annual salary if possible. I do want to mention that, when adding yourself as an employee, you will need to list a different email address than the one used to create your Wave account. An employee having the same email address as an employer can cause errors in the system.
To learn more about Wave Payroll, feel free to check out the Help Center articles below:
Thanks for the kind words. At this time, there is no ETA available for when West Virginia and Ohio will be supported for tax services with Wave. However, when they do get added, they will me included on our Wave Payroll page so feel free to keep an eye on it for future additions.
I am the own and have setup my self as an employee as well. However, there are some business expense that I paid for the out my personal account that I have created a promissory note for but don't know how to add that to the system to show as a liability on the book. Is this feasible?
I run a staffing company that pays contractors 2x a month (15th and 30th-31st). There is a 30 day delay in paying my contractors so for example work done in January will get paid in February. Is there away that WAVE can accommodate this?
Sorry, do you mind clarifying your inquiry for me? Are you trying to record personal transactions from a business account or vice versa? If so, we have a great guide you can check out here. Essentially you'll want to record these transactions as 'Owner Investment/Drawings'. If I missed the mark, please let me know and I will gladly assist you further.
When you run and approve payrolls in Wave, you can select your desired pay day. As a result, if you want, you can select the pay day to be 30 days after he pay period you approve. You can edit the pay day by heading over to Payroll > Run Payroll > Edit (under 'Payday'). I attached a screenshot below for reference:
when I pay a bill for a vendor, the site doesnt let me pay via direct deposit unless I setup direct deposit options in Wave... Can I setup Payroll then without a schedule? Is the subscription to Payroll for Wave yearly or Monthly?
Can I use the timesheet feature without paying the payroll subscription costs? I don't pay employees I just want to track my time to bill clients using the billing but there is no where in sales to track time...
Hi @gpalau , the direct deposit feature is associated to our Payroll product which also follows a set frequency for payment (which you have different options to choose from). In regards to the subscription fee, this is charged monthly and you can read more about it through our Payroll page.
Hi @KGar , as it turns out, the timesheet feature is only available for Payroll users at the moment. We don't have a time tracking product in Wave at the moment (other than Payroll) so although it's not ideal, I'd recommend something like Google Sheets or an outside product.
Hello, I just have myself and my partner who run a small LLC business in Idaho. My question is when I do payroll for myself and my partner as W-2 employees of the business, does Wave automatically deduct taxes from each payroll? Or do I have to manually deduct taxes from each payroll myself?
Hey @tmeyers40 , Wave's Payroll system will do all of the tax calculations for you so you know exactly what the amounts are. Idaho is not one of our tax service states which means that we won't actually file your taxes for you, but you will have all of the calculations made so you can easily file your taxes yourself.
Hi @Novastar
1. There's no way to generate paystubs for vendors as paystubs are specific to employees.
2. You head to the Wage & Tax Report under the Reports page to access Payroll information.
My business is in Rhode Island. I know that you don't file taxes in Rhode Island, but does the monthly fee include Wave paying monthly and annual federal taxes?
Also, if I already paid an employee using a different payroll service earlier this year, will I be able to include these payroll taxes in the annual W-2 that would be issued at the end of the year?
Hi @CEW In any state where Wave doesn't offer Payroll Tax Services, including Rhode Island, the subscription fee will include these services:
Enable direct deposit to your employees
Calculate your taxes owing and tax payment reminders (viewable in Wave from "Payroll > Taxes")
W2/W3 Forms and 1099-NEC Form generation at year end (downloadable under "Payroll > Tax Forms")
However your business will be responsible for making your payroll tax payments, as well as generating and filing your federal 941/940/944 and state forms manually outside of Wave.
If you're switching to Wave Payroll mid-year, you can absolutely enter your employee's prior wages and tax deducted at the time of setting up your account under Payroll History Import. The information entered there will be included in their W-2 at year end
Comments
After reading these comments Im thinking I have a solid grasp on the pricing situation.
My concern lies in the scalability for smaller businesses and non profits. Is there, or could there be a possibility to have a non subscription option/ ala carte option for businesses, and non profits who have MAYBE a handful of contractors a year??
This next question may also solve the first. If a contractor is listed as a vendor, do they count towards your employee count for the month?? Or do you need to remove them and re add them every time you hire them for a gig?
Hey there @dalbinodna
Unfortunately Wave does not offer an a la carte option for Wave payroll at this time.
I do understand how useful this would be for those running payroll irregularly and I appreciate you bringing this to the attention of the community forum.
Once you create your 1099 vendor/contractor, you won't need to re-add them as they're not a part of your employee count. In fact, if you don't run a payroll for your contractor, you won't be charged the individual contractor fees, just the payroll subscription fees. Whereas if you have active employees, you'll receive the monthly employee charge regardless of whether you run a payroll with the employee or not.
Does Wave send out an invoice/receipt for the monthly costs?
Hi what if i would like to do my own t4's and monthly CRA remittances? In Canada...I normally do all this myself because I like to be involved with payroll remittances and I like to make sure that all areas are paid, i.e. CPP, EI and TAXES
Hi @jchazo , although we don't send you an invoice, you can access your invoice/receipt under Settings > Billing in Wave.
Hey @BMC_Interiors , you are more than welcome to submit these on your own. After you've set up your Payroll, please reach out to us over live chat so we can disable the automatic payments that we make to the CRA so that you are able to do them your self. We do however generate T4s, although we don't file them so you can choose to use the ones we generate or not when filing your taxes.
"$6 per active employee"
Does that mean only ones getting paid that period?
SO I HAVE A Q:
IF I'M THE OWNER AND ONLY EMPLOYEE AT THIS TIME THE FEE WOULD BE $26.00 CORECT
AND UNLESS I MISS READ YOU WILL NOT SUBTRACT THE REQUIRED STATE FEES AND SUCH DUE TO WHERE I DO'T RESIDE IN ANY OF THE STATES WHERE YOU TAKE CARE OF THE TAXS AND FILE FOR THEM..
Hey @CBennett , you can turn your employees from active to inactive based on whether or not you're paying them. It is however possible for you to have an active employee who you're not paying for a month, and you'd still be charged as they are active in the monthly period. This is why we encourage you to off-board any of your employees if you're no longer paying them.
Hi @J_M_MAINTENANCE , that's correct, if you're located in one of our self-service states then the cost is $26 a month for just you as an employee.
What about when we have employees in 7 states, some of which are automated states and others that are not? Do we only pay for the state where our HQ is located?
I HAVE A QUESTION:
IF I PAY A ELECTRICIAN FOR ON BEHALF OF A CUSTOMER WHERE THEY ARE UNABLE TO BE PRESENT AT TIME OF SERVICE AND GOT REIMBURSED WHEN THEY GOT HOME HOW WOULD I TRACK THAT EXPENSE OR WOULD IT JUST BE A WASH WHERE THE ELECTRICIANS BILL IS MADE TO THE CUSTOMER NOT ME ? I'M JUST TRING TO KEEP ACCURATE RECORDS..
TY FOR ANY HELP I CAN GET.....
Hey @Jaymes !
That's a great question and you are correct. Your payroll subscription fee will be determined based on the location of your business, not your employees. Anytime you enter information for an employee who lives out of state, Wave will ask you for tax information from that state. However, you only have to pay taxes to that state if work is completed in the state (i.e. the employee works from home).
Hello @J_M_MAINTENANCE !
In this case, what you can do is record the bill in your Wave account under Purchases > Bills and mark it as paid. Then, if you have an Income transaction within Wave, you can select the Refund Received for a Bill in Wave option to correctly record a refund for the bill in question. Below is a screenshot for reference:
However, to ensure you get the best advice, I suggest reaching out to a professional CPA to make sure your books are accurate.
I hope this helps!
I have one account with three businesses attached. To use the 1099 services for TN, do I pay $35/mo per wave account or per business in my wave account?
Hey @jtb !
Great question. Wave Payroll subscriptions are on a per business bases as each business is unique. If you have multiple businesses in Wave and you'd like to use the Payroll feature for all of them, you will need to subscribe to the service for each one.
To learn more about Wave Payroll, feel free to check out our page here.
I hope this helps!
I am the owner of my business and pay only myself, not on a regular schedule. Can Wave figure my payroll taxes when I do pay myself?
When would the 'automated tax payments and filings' be available in West Virginia and Ohio? I love Wave accounting and would like to show some of that love by signing up for payroll, but the 'self service' does not really suit me well. I am forced to use Gusto which is not bad either, but I would rather use Wave.
Hey @LaurieA !
When it comes to paying yourself in Wave, there are two methods to do so:
You can record a personal Owner Investment/Drawing expense transaction. Owner Investment/Drawing is a category used to keep track of the money you pay into and take out of your business. With this method, Wave won't generate payroll tax forms for you however.
With our Payroll feature, you can add yourself as an employee and assign yourself a salary/hourly pay rate. If you don't have a fixed pay rate, you are able to change your compensation rate via your employee file. Please note, we recommend setting an annual salary if possible. I do want to mention that, when adding yourself as an employee, you will need to list a different email address than the one used to create your Wave account. An employee having the same email address as an employer can cause errors in the system.
To learn more about Wave Payroll, feel free to check out the Help Center articles below:
Wave Payroll
Pay your employees
Employee Self Onboarding
Hey @Madhur1989 !
Thanks for the kind words. At this time, there is no ETA available for when West Virginia and Ohio will be supported for tax services with Wave. However, when they do get added, they will me included on our Wave Payroll page so feel free to keep an eye on it for future additions.
I am the own and have setup my self as an employee as well. However, there are some business expense that I paid for the out my personal account that I have created a promissory note for but don't know how to add that to the system to show as a liability on the book. Is this feasible?
I run a staffing company that pays contractors 2x a month (15th and 30th-31st). There is a 30 day delay in paying my contractors so for example work done in January will get paid in February. Is there away that WAVE can accommodate this?
Hey @TPena !
Sorry, do you mind clarifying your inquiry for me? Are you trying to record personal transactions from a business account or vice versa? If so, we have a great guide you can check out here. Essentially you'll want to record these transactions as 'Owner Investment/Drawings'. If I missed the mark, please let me know and I will gladly assist you further.
Hello @AJR !
When you run and approve payrolls in Wave, you can select your desired pay day. As a result, if you want, you can select the pay day to be 30 days after he pay period you approve. You can edit the pay day by heading over to Payroll > Run Payroll > Edit (under 'Payday'). I attached a screenshot below for reference:
when I pay a bill for a vendor, the site doesnt let me pay via direct deposit unless I setup direct deposit options in Wave... Can I setup Payroll then without a schedule? Is the subscription to Payroll for Wave yearly or Monthly?
Can I use the timesheet feature without paying the payroll subscription costs? I don't pay employees I just want to track my time to bill clients using the billing but there is no where in sales to track time...
Hi @gpalau , the direct deposit feature is associated to our Payroll product which also follows a set frequency for payment (which you have different options to choose from). In regards to the subscription fee, this is charged monthly and you can read more about it through our Payroll page.
Hi @KGar , as it turns out, the timesheet feature is only available for Payroll users at the moment. We don't have a time tracking product in Wave at the moment (other than Payroll) so although it's not ideal, I'd recommend something like Google Sheets or an outside product.
Hello, I just have myself and my partner who run a small LLC business in Idaho. My question is when I do payroll for myself and my partner as W-2 employees of the business, does Wave automatically deduct taxes from each payroll? Or do I have to manually deduct taxes from each payroll myself?
Hey @tmeyers40 , Wave's Payroll system will do all of the tax calculations for you so you know exactly what the amounts are. Idaho is not one of our tax service states which means that we won't actually file your taxes for you, but you will have all of the calculations made so you can easily file your taxes yourself.
Hi is the $6 per active employee charged on a per monthly basis or per each payroll
WmB
@WmB $6 per active employee is charged on a monthly basis with your monthly subscription fee.
I have two questions.
1. How do I generate pay stubs for 1099 vendor pay roll?
2. How do I pull a pay roll report ?
Hi @Novastar
1. There's no way to generate paystubs for vendors as paystubs are specific to employees.
2. You head to the Wage & Tax Report under the Reports page to access Payroll information.
My business is in Rhode Island. I know that you don't file taxes in Rhode Island, but does the monthly fee include Wave paying monthly and annual federal taxes?
Also, if I already paid an employee using a different payroll service earlier this year, will I be able to include these payroll taxes in the annual W-2 that would be issued at the end of the year?
Hi @CEW In any state where Wave doesn't offer Payroll Tax Services, including Rhode Island, the subscription fee will include these services:
However your business will be responsible for making your payroll tax payments, as well as generating and filing your federal 941/940/944 and state forms manually outside of Wave.
If you're switching to Wave Payroll mid-year, you can absolutely enter your employee's prior wages and tax deducted at the time of setting up your account under Payroll History Import. The information entered there will be included in their W-2 at year end
Please refer to guide on setting up your Wave Payroll account: Welcome to Wave Payroll